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TC Energy (NYSE: TCPA) lifts 2026 EBITDA outlook after Q2

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Form Type
6-K

Rhea-AI Filing Summary

TC Energy Corporation reported stronger results for the quarter and six months ended June 30, 2026. From continuing operations, second‑quarter comparable earnings were $984 million, or $0.94 per share, and net income attributable to common shares was $987 million, or $0.95 per share. Comparable EBITDA rose to $2,948 million from $2,625 million a year earlier, while segmented earnings increased to $2,173 million from $1,954 million.

Management now expects 2026 comparable EBITDA to be at the upper end of its $11.6–$11.8 billion outlook and continues to expect 2026 comparable earnings per share to exceed 2025. About $0.7 billion of new low‑risk growth projects were sanctioned in the quarter, bringing 2026 announcements to approximately $3 billion, and $1.8 billion of projects were placed into service. The Board declared a quarterly dividend of $0.8775 per common share for the quarter ending September 30, 2026. TC Energy also highlighted a debt‑to‑EBITDA ratio of 4.8x for 2025 and progress on safety and methane‑intensity reduction goals.

Positive

  • Second‑quarter comparable EBITDA increased to $2,948 million and comparable EPS to $0.94, and management now expects 2026 comparable EBITDA at the upper end of the $11.6–$11.8 billion outlook range.
  • The company has sanctioned approximately $3 billion of low‑risk growth projects in 2026 and placed $1.8 billion of projects into service, supporting future earnings and cash flow.
  • Leverage remains under control, with an adjusted debt‑to‑EBITDA ratio of 4.8x for 2025 and a stated long‑term target of 4.75x.

Negative

  • None.

Filing Explained

Up to 200 million dollars for new Empress capacity remains conditional on a final investment decision, rather than an unconditional capital commitment.

As a Form 6-K, this filing furnishes TC Energy’s interim home-market information to the SEC; it reports results and project updates through June 30, 2026, with some later milestones.

Exhibits 13.1 and 13.2 are incorporated by reference into the listed S-8, F-3 and F-10 registration statements, giving those exhibits legal status within those filings. The certifications and news release are instead furnished and will not be incorporated into registration statements.

The Central Virginia Capacity and Clark projects are approved, but remain future projects: their expected in-service dates begin in 2028, with estimated costs of approximately US$0.3 billion and US$0.1 billion, respectively. The related NGTL expansion is also approved, with an anticipated 2028 in-service date and estimated cost of approximately $0.1 billion.

For the Canadian Mainline’s new Empress capacity, TC Energy has committed up to $200 million, but that commitment is subject to a final investment decision. Unit 3 of Bruce Power’s refurbishment was declared commercially operational on June 12, 2026; the filing reports the company’s share of equity contributions as $1.1 billion. The next specified resolution point for the Empress spending is that final investment decision.

Comparable EBITDA Q2 2026 $2,948 million From continuing operations, versus $2,625 million in second quarter 2025
Net income Q2 2026 $987 million Net income attributable to common shares from continuing operations in second quarter 2026
Comparable EPS Q2 2026 $0.94 Comparable earnings per common share from continuing operations vs $0.82 in Q2 2025
Dividend per share Q3 2026 $0.8775 Quarterly common share dividend for the quarter ending September 30, 2026
2026 comparable EBITDA outlook $11.6–$11.8 billion Expected range for 2026 comparable EBITDA, with management guiding to the upper end
2026 capital expenditures plan $6.0–$6.5 billion Anticipated capital expenditures before adjustments for non-controlling interests
Projects placed in service YTD 2026 $1.8 billion Value of projects placed into service in the six months ended June 30, 2026
Adjusted debt/adjusted EBITDA 2025 4.8x Ratio of adjusted debt to adjusted comparable EBITDA for the year ended December 31, 2025
comparable EBITDA financial
""Comparable EBITDA from continuing operations" was $2,948 million in Q2 2026"
Comparable EBITDA is a measure of a company’s underlying operating profit before interest, taxes, depreciation and amortization, adjusted to remove one-time items or irregular costs so different periods or companies can be compared evenly. Investors use it like comparing the cleaned-up scores of two teams after removing unusual events — it helps judge ongoing performance and cash-generating ability without being misled by temporary gains or losses.
build multiple financial
"Projects are expected to deliver a weighted average build multiple of 5.8x"
take-or-pay contracts financial
"U.S. projects are backed by 20-year take-or-pay contracts"
A take-or-pay contract is an agreement where a buyer promises to either take a set minimum of goods or services from a seller or still pay an agreed fee even if they don’t take delivery. Think of it like reserving a theater box: you pay whether you use all the seats or not. For investors, these contracts create predictable revenue for sellers but also signal potential liability if buyers stop needing the product, affecting cash flow and credit risk.
Multi-Year Growth Plan financial
"NGTL System expansions proceed under the Multi-Year Growth Plan (MYGP)"
debt-to-EBITDA financial
"The company targets a long-term debt-to-EBITDA ratio of 4.75x"
Debt-to-EBITDA is a leverage ratio that compares a company’s total debt to its operating cash-earning power, where EBITDA stands for earnings before interest, taxes, depreciation and amortization — a rough measure of cash generated by the business. Investors use it to judge how many years of current operating cash flow would be needed to pay off debt; a higher number signals greater financial strain and risk, like needing more paychecks to clear a mortgage.
Comparable EBITDA from continuing operations (Q2 2026) $2,948 million up from $2,625 million in second quarter 2025
Net income attributable to common shares from continuing operations (Q2 2026) $987 million up from $862 million in second quarter 2025
Comparable earnings per common share from continuing operations (Q2 2026) $0.94 up from $0.82 in second quarter 2025
Dividend per common share for Q3 2026 $0.8775 increased from $0.85 per share in the prior-year quarter
Net cash provided by operations (Q2 2026) $2,217 million slightly above $2,173 million in second quarter 2025
Guidance

Comparable EBITDA is expected to be at the upper end of the $11.6 to $11.8 billion 2026 range, and 2026 comparable earnings per common share are expected to be higher than 2025.

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FAQ

How did TC Energy (TCPA) perform financially in Q2 2026?
TC Energy reported Q2 2026 comparable earnings from continuing operations of $984 million, or $0.94 per share, and net income attributable to common shares of $987 million, or $0.95 per share, with comparable EBITDA rising to $2,948 million.

What is TC Energy (TCPA)'s 2026 EBITDA outlook after Q2 2026?
Management expects 2026 comparable EBITDA to be at the upper end of its $11.6–$11.8 billion outlook range and also expects 2026 comparable earnings per share to be higher than in 2025, reflecting ongoing growth in the underlying business.

What dividend did TC Energy (TCPA) declare for Q3 2026?
The Board declared a quarterly dividend of $0.8775 per common share for the quarter ending September 30, 2026, equivalent to $3.51 annually, payable October 30, 2026 to shareholders of record on September 29, 2026.

What growth projects has TC Energy (TCPA) sanctioned in 2026 so far?
TC Energy has sanctioned approximately $3 billion of low‑risk, accretive growth projects in 2026, including about US$0.4 billion on the Columbia Gas and Columbia Gulf systems and additional NGTL System expansions under its Multi‑Year Growth Plan.

What is TC Energy (TCPA)'s capital spending plan for 2026?
For 2026, TC Energy anticipates capital expenditures of $6.0–$6.5 billion before adjustments for non‑controlling interests, or $5.5–$6.0 billion of net capital expenditures, supporting its portfolio of natural gas and power infrastructure projects.

How is TC Energy (TCPA) progressing toward its leverage target?
For 2025, TC Energy reported an adjusted debt‑to‑EBITDA ratio of 4.8x and stated it remains on track to achieve its long‑term target of 4.75x, reflecting ongoing balance‑sheet strengthening alongside its capital program.


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of July 2026

TC Energy Corporation
(Commission File No. 1-31690)

TransCanada PipeLines Limited
(Commission File No. 1-8887)

(Translation of Registrants’ Names into English)

450 - 1 Street S.W., Calgary, Alberta, T2P 5H1, Canada
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F                      o                      Form 40-F                      þ


Exhibits 13.1 and 13.2 to this report, furnished on Form 6-K, shall be incorporated by reference into each of the following Registration Statements under the Securities Act of 1933, as amended: Form S-8 (File Nos. 333-5916, 333-8470, 333-9130, 333-151736, 333-184074, 333-227114 and 333-237979), Form F-3 (File Nos. 33-13564 and 333-6132) and Form F-10 (File No. 333-283633).

Exhibits 31.1, 31.2, 32.1, 32.2 and 99.1 to this report, furnished on Form 6-K, are furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrants under the Securities Act of 1933, as amended.







Explanatory Note

TransCanada PipeLines Limited (“TransCanada PipeLines”) is a wholly owned subsidiary of TC Energy Corporation (“TC Energy”). TransCanada PipeLines is relying on the continuous disclosure documents filed by TC Energy pursuant to an exemption from the requirements of National Instrument 51-102 - Continuous Disclosure Obligations and as provided in the decision of the Alberta Securities Commission and Ontario Securities Commission in Re TransCanada Corporation, 2019 ABASC 1, issued on January 3, 2019. Consistent with the exemptive relief, information contained in this Form 6-K is that provided by TC Energy.








EXHIBIT INDEX


13.1
Management’s Discussion and Analysis of Financial Condition and Results of Operations of TC Energy Corporation as at and for the period ended June 30, 2026.
13.2
Consolidated comparative interim unaudited financial statements of TC Energy Corporation for the period ended June 30, 2026 (included in TC Energy Corporation's Second Quarter 2026 Quarterly Report to Shareholders).
31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1
A copy of the registrant's news release of July 30, 2026.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: July 30, 2026TC ENERGY CORPORATION
TRANSCANADA PIPELINES LIMITED
 By:/s/ Sean P. O'Donnell
  Sean P. O'Donnell
  Executive Vice-President, Strategy and Corporate Development and Chief Financial Officer
   
 By:/s/ Yvonne Frame-Zawalykut
  Yvonne Frame-Zawalykut
  Vice-President and Controller


EXHIBIT 99.1

Quarterly Report to Shareholders
tcenergy-bluexrgb_ena.jpg
TC Energy reports strong second quarter 2026 operating and financial results
Solid execution and asset performance support higher end of 2026 financial outlook
$0.7 billion of new growth projects sanctioned in second quarter, totaling approximately $3 billion of low-risk, accretive growth projects announced in 2026


CALGARY, Alberta – July 30, 2026 – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its second quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, "Driven by safe and reliable operations, we delivered strong financial results in the first half of 2026 and now expect to be at the upper end of our 2026 comparable EBITDA1 outlook range of $11.6 to $11.8 billion. Our performance continues to underscore the strength of our diversified portfolio and our ability to consistently deliver low-risk, repeatable results.” Poirier continued, "Over the past six months, we have sanctioned approximately $3 billion of new growth projects across our North American natural gas portfolio, including the announcement today of three natural gas pipeline projects. Two of these projects expand our U.S. natural gas footprint and are expected to deliver a weighted average build multiple2 of approximately 5.8 times, supported by 20-year take-or-pay contracts. In Canada, the third project represents another step in expanding the NGTL System to serve growing customer demand through our Multi-Year Growth Plan (MYGP). Together, these investments reflect our disciplined approach to advancing capital-efficient, low-risk growth opportunities that create long-term value for shareholders."
Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)
•Second quarter 2026 financial results from continuing operations:
◦Comparable earnings1 of $1.0 billion or $0.94 per common share1 compared to $0.8 billion or $0.82 per common share in second quarter 2025
◦Net income attributable to common shares of $1.0 billion or $0.95 per common share compared to $0.9 billion or $0.83 per common share in second quarter 2025
◦Comparable EBITDA of $2.9 billion compared to $2.6 billion in second quarter 2025
◦Segmented earnings of $2.2 billion compared to $2.0 billion in second quarter 2025
•TC Energy’s Board of Directors declared a quarterly dividend of $0.8775 per common share for the quarter ending September 30, 2026
•2026 outlook:
◦We expect our 2026 comparable EBITDA and comparable earnings per common share (EPS) outlooks to be higher than 2025, consistent with our 2025 Annual Report
◦Comparable EBITDA is expected to be at the upper end of our $11.6 to $11.8 billion range
1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
2 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Weighted average build multiple is calculated across all projects based on each project's capital expenditures.Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.


◦Capital expenditures are anticipated to be $6.0 to $6.5 billion prior to adjustments for non-controlling interests, or $5.5 to $6.0 billion of net capital expenditures.1
Operational Highlights
•Canadian Natural Gas Pipelines deliveries averaged 24.2 Bcf/d, up one per cent compared to second quarter 2025
◦Canadian Mainline Western receipts averaged 4.6 Bcf/d, up four per cent compared to second quarter 2025
•U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d, up five per cent compared to second quarter 2025
◦Deliveries to LNG facilities averaged 3.9 Bcf/d, up 13 per cent compared to second quarter 2025
◦North Baja set a new all-time delivery record of 886 MMcf on June 17, 2026
◦Gillis Access set a new all-time delivery record of 1.5 Bcf on July 3, 2026
•Mexico Natural Gas Pipelines flows averaged 3.4 Bcf/d, lower than second quarter 2025 primarily attributed to adjustments to pipeline flows
◦Deliveries to power generation facilities averaged 1.4 Bcf/d in second quarter 2026, in line with second quarter 2025
•Bruce Power achieved 98.5 per cent availability in second quarter 2026, with no forced outage days in the quarter
•Cogeneration power plant fleet achieved 89.6 per cent availability in second quarter 2026, primarily reflecting spring planned outages.
Project Highlights
•Sanctioned $0.7 billion of low-risk, in-corridor expansion projects including:
◦Approved the Central Virginia Capacity project with an expected build multiple2 of 6.4x: an expansion project on our Columbia Gas system designed to provide up to 0.4 Bcf/d of capacity to facilitate new natural gas-fired power generation to support data centre development. The project has anticipated in-service dates in 2028 and 2030 with a total estimated project cost of approximately US$0.3 billion
◦Approved the Clark project with an expected build multiple of 4.4x: an expansion project on our Columbia Gulf system designed to provide up to 0.3 Bcf/d of capacity to provide firm transportation service to an existing natural gas-fired power plant. The project has an anticipated in-service date of 2028 and an estimated project cost of approximately US$0.1 billion
◦Approved expansion facilities as part of the Multi-Year Growth Plan with an anticipated in-service date of 2028 and an estimated project cost of approximately $0.1 billion to deliver incremental growth on the NGTL System
•For the six months ended June 30, 2026, we placed approximately $1.8 billion of projects into service:
◦Placed approximately $0.4 billion of capacity projects in service on the NGTL System in the six months ended June 30, 2026, including approximately $0.1 billion of Multi-Year Growth Plan projects. Completed the Valhalla North and Berland River project, adding approximately 400 MMcf/d of incremental capacity to the NGTL System. The project has a total capital cost of approximately $0.5 billion and includes approximately 33 km of new pipeline and a non-emitting electric compressor unit. The Valhalla North section was placed in service in third quarter 2025 and the Berland River compressor unit became operational on July 14, 2026
◦Placed the Bison XPress project in service with a total project cost of US$0.4 billion, of which our share is US$0.2 billion, strengthening Northern Border system reliability and adding up to approximately 0.3 Bcf/d of capacity to support regional transportation demand
◦Bruce Power has returned Unit 3 to service seven months ahead of the schedule that was committed to the Independent Electricity System Operator (IESO) following its Major Component Replacement (MCR). Our share of equity contributions was $1.1 billion and achieved a 15 per cent reduction in cost relative to the Unit 6 MCR. As a result of Bruce Power’s
1 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
2 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.


performance, the company is expecting to return approximately $150 million to Ontario ratepayers through the IESO, demonstrating the strength of the province’s nuclear refurbishment model and Bruce Power’s commitment to delivering value for families and businesses
•Advanced multiple NGTL service offerings, including the recently completed Greater Edmonton Area delivery offering, ongoing delivery opportunities for 2030–2032 across intra-Alberta markets, and the Empress/McNeill borders, representing approximately 1.0 Bcf/d of marketed delivery capacity
•Canadian Mainline received approval from the Canada Energy Regulator for a four-year negotiated settlement for the period from January 2027 through December 2030
◦New Capacity Open Season commenced for incremental capacity at Empress. TC Energy has committed up to $200 million of capital, subject to FID, to support incremental capacity, with targeted returns that exceed the approved return on equity
•Advanced U.S. rate case settlements on ANR and Great Lakes. ANR filed a settlement with FERC in May 2026, which FERC approved in July 2026, and Great Lakes filed a settlement with FERC in June 2026, for which approval is anticipated in the fourth quarter of 2026
three months ended
June 30		six months ended
June 30
(millions of $, except per share amounts)2026202520262025
Income
Net income (loss) attributable to common shares from continuing operations987 862 1,886 1,840 
per common share – basic$0.95 $0.83 $1.81 $1.77 
Segmented earnings (losses)
Canadian Natural Gas Pipelines545 551 1,054 1,067 
U.S. Natural Gas Pipelines992 907 2,067 2,016 
Mexico Natural Gas Pipelines397 191 786 402 
Power and Energy Solutions240 312 441 447 
Corporate(1)(7)(4)(12)
Total segmented earnings (losses)2,173 1,954 4,344 3,920 
Comparable EBITDA from continuing operations
Canadian Natural Gas Pipelines961 923 1,880 1,813 
U.S. Natural Gas Pipelines1,218 1,089 2,715 2,456 
Mexico Natural Gas Pipelines409 319 841 552 
Power and Energy Solutions361 301 604 525 
Corporate(1)(7)(4)(12)
Comparable EBITDA from continuing operations2,948 2,625 6,036 5,334 
Depreciation and amortization(737)(671)(1,460)(1,349)
Interest expense included in comparable earnings(860)(847)(1,698)(1,687)
Allowance for funds used during construction60 114 99 362 
Foreign exchange gains (losses), net included in comparable earnings28 55 29 45 
Interest income and other34 4967 100 
Income tax (expense) recovery included in comparable earnings(316)(294)(632)(586)
Net (income) loss attributable to non-controlling interests included in comparable earnings(144)(155)(369)(332)
Preferred share dividends(29)(28)(57)(56)
Comparable earnings from continuing operations984 848 2,015 1,831 
Comparable earnings per common share from continuing operations$0.94 $0.82 $1.93 $1.76 




three months ended
June 30		six months ended
June 30
(millions of $, except per share amounts)2026202520262025
Cash flows
Net cash provided by operations2,217 2,173 4,820 3,532 
Comparable funds generated from operations1
1,996 1,964 4,332 3,913 
Capital spending2
1,123 1,379 2,430 3,188 
Dividends declared
per common share$0.8775 $0.85 $1.7550 $1.70 
Basic common shares outstanding (millions)
– weighted average for the period1,042 1,040 1,042 1,040 
– issued and outstanding at end of period1,042 1,040 1,042 1,040 
1Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
2Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information of our Condensed consolidated financial statements for additional information.


CEO Message
Throughout the first half of 2026, TC Energy continued to demonstrate strong execution, driven by safe and reliable operations. As a result, we delivered solid financial results and now expect to be at the upper end of our 2026 comparable EBITDA outlook range of $11.6 to $11.8 billion. For the second quarter, comparable EBITDA increased 12 per cent and segmented earnings increased 11 per cent compared to the same period in 2025, reflecting the strength of our diversified portfolio and disciplined execution. As we continue to connect energy across North America, we remain focused on maximizing the value of our assets through safety and operational excellence, while executing our selective portfolio of growth projects. These results reinforce the strength and resilience of our low-risk business model and our ability to deliver solid growth and repeatable performance.
Compelling North American market fundamentals continue to reinforce our long-term growth outlook for TC Energy. Our latest natural gas demand forecast estimates approximately 51 Bcf/d of demand growth from 2025 to 2035, driven primarily by LNG exports, gas-fired power generation and industrial growth. Our incumbent position across Western Canada, the U.S. Heartland and Mexico positions us to capture this demand through low-risk, capital-efficient growth opportunities that connect competitive supply to high-quality demand markets across North America.
The strength of these underlying market fundamentals continues to translate into tangible growth opportunities across our U.S. Natural Gas Pipelines business. In June 2026, we approved two expansion projects on our Columbia Gas and Columbia Gulf systems that further strengthen our position in high-growth power markets and support increasing demand from gas-fired generation including data centre development. The Central Virginia Capacity project is expected to provide up to 0.4 Bcf/d of capacity and has anticipated in-service dates of 2028 and 2030, while the Clark project is designed to provide up to    0.3 Bcf/d of capacity with an anticipated in-service date of 2028. Together, these projects represent approximately US$0.4 billion of capital investment, are backed by 20-year take-or-pay contracts and are expected to deliver a weighted average build multiple of approximately 5.8x, reflecting our disciplined approach to advancing low-risk, in-corridor expansions.
In Western Canada, demand across the NGTL System footprint remains strong, with multiple delivery and receipt service offerings underway representing up to approximately 1.0 Bcf/d of incremental system throughput. Growth is being supported by emerging power generation opportunities, including data centre-related load growth, as well as industrial development, LNG demand, and oilsands expansions. These trends reinforce the strategic importance of the NGTL System in connecting Western Canadian supply to growing demand markets. Reflecting this momentum, the Greater Edmonton Area offering, launched in March 2026 for up to approximately 0.26 Bcf/d of delivery service, was fully subscribed, demonstrating robust customer demand across the system.
Disciplined project execution continues to strengthen our financial position and support our long-term outlook. Year to date, we have placed approximately $1.8 billion of projects into service. In the U.S., we placed the Bison XPress project in service with a total project cost of approximately US$0.4 billion, of which our share is US$0.2 billion, strengthening Northern Border system reliability and adding up to approximately 0.3 Bcf/d of capacity to support growing regional transportation demand. On the NGTL System, the Berland River compressor unit became operational on July 14, 2026 following completion of the third-party power transmission connection. Together with the Valhalla North section, which was placed in service in the third quarter of 2025, the project provides approximately 400 MMcf/d of incremental capacity to the NGTL System. Looking ahead to the second half of 2026, we expect to place approximately $1.6 billion of capital into service, which we expect to be largely on time and on budget or better, while remaining on track to achieve our long-term target of 4.75x debt-to-EBITDA.1
Bruce Power delivered an important milestone in the quarter. Unit 3 MCR, which began refurbishment in March 2023, was declared commercially operational on June 12, 2026, ahead of schedule and within budget. Most notably among several innovations, the Unit 3 MCR marked the first time robotic tools were used on a reactor face to rebuild a CANDU reactor.
1 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP measures of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.


Bruce Power and its partners also set a CANDU refurbishment record for calandria tube removal by completing it 11 days ahead of schedule. Unit 4 MCR continues to track on time and on budget. In addition, the Ontario IESO approved an additional $300 million in funding to advance Bruce C impact assessment and pre-development work, including First Nations and community engagement, workforce planning, and site preparation. We believe that Bruce Power’s consistent execution track record continues to position the asset to deliver stable, enduring value while meeting Ontario’s growing need for affordable, non-emitting and reliable power.
Finally, we released our 2026 Report on Sustainability. The report demonstrates how sustainability is integrated into our business and supports long-term value creation through disciplined execution, measurable progress on our commitments and transparent reporting, as we navigate a changing energy landscape. Key highlights include:
•Delivered our strongest safety performance in five years, with continued improvement in High Energy Serious Injury and Fatality rate and zero significant process safety events, reflecting disciplined operations and risk management
•Reduced methane emissions intensity by 24 per cent between 2019 and 2025 while increasing natural gas throughput by 20 per cent and comparable EBITDA in our natural gas business by 57 per cent over the same period
•Outlined potential pathways to advance our 40 to 55 per cent methane intensity reduction target by 2035 with accountability reinforced through alignment with executive compensation
•Through early and ongoing Indigenous engagement, secured 36 letters of support ahead of regulatory filings as we progress various projects under our NGTL System Multi-Year Growth Plan.
Together, our results through the first half of 2026 demonstrate the strength of TC Energy’s strategy, the durability of our     low-risk business model and the value of our differentiated natural gas and power footprint. We remain focused on safely delivering reliable energy, executing our portfolio of growth projects, maintaining financial strength and agility, and creating long-term value for our shareholders.
Dividends
TC Energy’s Board of Directors declared a quarterly dividend of $0.8775 per common share for the quarter ending September 30, 2026, equivalent to $3.51 on an annualized basis. The common share dividend is payable on October 30, 2026, to shareholders of record at the close of business on September 29, 2026.
The Board of Directors also declared dividends on the outstanding Cumulative First Preferred Shares (preferred shares). Information related to the preferred shares dividends are available on our website under TC Energy – Shareholder Information.


Teleconference and Webcast
We will hold a teleconference and webcast on Thursday, July 30, 2026 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our second quarter 2026 financial results. Presenters will include François Poirier, President and Chief Executive Officer; Sean O'Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.
Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.
A live webcast of the teleconference will be available on TC Energy's website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/14394. The webcast will be available for replay following the meeting.
A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on Thursday, Aug. 6, 2026. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 2418450.
The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.
About TC Energy
We are a leader in North American energy infrastructure, spanning Canada, the U.S. and Mexico. For over 75 years, we have proudly connected the world to the energy it needs. Every day, we move more than 30 per cent of the natural gas used across the continent and connect LNG exports to global markets—powering communities and industries. Complemented by strategic ownership and low-risk investments in power generation, our infrastructure delivers affordable, reliable and sustainable energy across North America.
We carry forward a legacy of nation-building energy infrastructure and strong partnerships. By working with communities, businesses and leaders across our extensive energy network, we create opportunities today and for generations to come.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.


Forward-Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate" or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources and drivers thereof, expectations with respect to anticipated capital expenditures and net capital expenditures and the timing thereof, expectations with respect to identified approved and future projects, including associated capital expenditures, timelines, in-service dates, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations regarding benefit-sharing or cost-sharing arrangements in respect of our power generation assets, expectations on rate case settlements and timing of approved settlement terms, expectations with respect to our ability to deploy capital at targeted build multiples and achieve expected returns on invested capital, expectations with respect to the approximate value of projects to be placed in-service in subsequent years, expectations with respect to our strategic priorities, and the execution thereof, expectation on the value of and risk profile of our incremental growth projects, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expectations regarding financial ratio targets such as debt-to-EBITDA, expectations with respect to our environmental and sustainability targets, including our methane emissions intensity reduction target, expectations on long-term value creation, expected cost and schedules for planned projects, including projects under construction and in development, expectations about energy demand levels and drivers thereof and our ability to meet expected energy demand, expectations regarding the competitive positioning and long-term value contribution of specific assets and our ability to capture growth opportunities, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver low-risk, solid growth and repeatable performance, expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management's assessment of TC Energy's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2025 Annual Report filed under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the "Forward-looking information" section of our Report on Sustainability which is available on our website at www.TCEnergy.com.


Non-GAAP and Supplementary Financial Measure
This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy's profile.
With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments and a Loan from affiliate as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. Beginning in 2025, we entered into a subordinated demand revolving credit facility to borrow funds from the Sur de Texas joint venture and received proceeds totaling $111 million during the year. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended Dec. 31, 2023, 2024 and 2025.
This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.
This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.



Reconciliation
The following is a reconciliation of adjusted debt and adjusted comparable EBITDA1.
year ended December 31
(millions of Canadian $)
202520242023
Reported total debt60,086 59,366 63,201 
Management adjustments:
Debt treatment of preferred shares2
1,128 1,250 1,250 
Equity treatment of junior subordinated notes3
(6,047)(5,524)(5,144)
Cash and cash equivalents(168)(801)(3,678)
Operating lease liabilities431 511 457 
Adjusted debt55,430 54,802 56,086 
Comparable EBITDA from continuing operations4
10,952 10,049 9,472 
Comparable EBITDA from discontinued operations4
— 1,145 1,516 
Operating lease cost112 117 105 
Distributions received in excess of (income) loss from equity investments
342 67 (123)
Loan from affiliate111 — — 
Adjusted Comparable EBITDA11,517 11,378 10,970 
Adjusted Debt/Adjusted Comparable EBITDA1
4.8 4.8 5.1 
1Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
250 per cent debt treatment on $2.3 billion of preferred shares as of Dec. 31, 2025.
350 per cent equity treatment on $12.1 billion of junior subordinated notes as of Dec. 31, 2025. U.S. dollar-denominated notes translated at Dec. 31, 2025, USD/CAD foreign exchange rate of 1.37.
4Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2025 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.



Media Inquiries:
Media Relations
media@tcenergy.com
403.920.7859 or 800.608.7859
Investor & Analyst Inquiries:    
Investor Relations
investor_relations@tcenergy.com
403.920.7911 or 800.361.6522

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